According to the Mobile Area Association of REALTORS, June home sales in the area saw a decrease of 10.0% year-over-year from 432 to 389 closed transactions. Sales decreased by 8.7% from May. Sales are down 8.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Mobile-area housing data, click here.
Inventory: June listings (1,350) increased by 1.9% from May and increased 24.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, up from 3.1 in May, and up from 2.5 months in June 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in June was $239,000, down 2.4% from one year ago and down 1.0% from May. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in June averaged 58 days on the market (DOM), 13 days slower than June 2024.
Forecast: June sales were 75 units, or 16.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 464 sales for the month, while actual sales were 389 units.
New Construction: The 32 new homes sold represent 8.2% of all residential sales in the area in June. Total sales decreased by 38.5% year-over-year. The median sales price in June was $297,400, a decrease of 4.8% from one year ago and a decrease of 4.4% from May.
Click here to view the entire monthly report.
The Mobile Residential Monthly Report is developed in connection with the Mobile Area Association of Realtors to better serve area consumers.
